Malaysia Cloud Computing Market | Analysis 2019-2031

MALAYSIA CLOUD COMPUTING INDUSTRY SNAPSHOT

• The revenue forecast for the Malaysia cloud computing market in 2024 stands at an estimated US$ 1.80 billion.
• Furthermore, projections indicate that the market is poised for sustained growth, with an anticipated annual growth rate of 8.71% from 2023 to 2031, as denoted by the Compound Annual Growth Rate (CAGR 2023-2031).
• In terms of market segmentation, Software as a Service (SaaS) emerges as the dominant segment, commanding a market value of US$ 1.25 billion in 2024.
• Additionally, by 2024, IT and Telecom vertical is predicted to play a significant role, contributing 34.68% of the total revenue in the Malaysia cloud computing market.
• Major industry players in the Malaysia cloud computing market are prioritizing strategic collaborations to unlock new opportunities. For instance, in June 2023, Agmo Holdings Berhad, a Malaysian expert in digital solutions and application development, signed a memorandum of understanding (MoU) with Alibaba Cloud (Malaysia) Sdn. Bhd., a cloud computing entity under Alibaba Group from China. The collaboration aims to introduce an electric vehicle (EV) superapp to the market.
• Further, in March 2022, the Malaysian government partnered with Amazon Web Services (AWS) and local IT provider Radmik Solutions Sdn Bhd to implement a new Cloud Framework Agreement (CFA). This initiative aims to expedite cloud adoption within the public sector, facilitating cost savings, enhancing digital expertise, and fostering innovation across government agencies.

MALAYSIA CLOUD COMPUTING MARKET COVERAGE